“Bitcoin is the laughing stock of our firm”

[Wind_FURY]

There are people currently like this today, as there was 8 years ago. Nocoiners. How long must the network run before they can admit that Bitcoin, and the idea of Bitcoin, has opened a Pandora’s Box, never to close again.



How high must Bitcoin’s price go before they accept it as a self-sovereign Store of Value, HODLed as a hedge in case the Fed/Central Bank, and the government loses control of the financial system?

[Poker Player]

Surely they don't need Bitcoin to make good money. It reminds me of when people criticize Buffet and Munger for their views on Bitcoin, but you have to remember that they don't need it to get rich.

On the other hand, the bit about how in their firm they spend all day laughing at that reddit subforum sounds like trolling to me. That person may not even work on the firm he says and is writing from his mom's basement while eating Doritos.

But, finally, yeah, there are many people in denial following the principle: don't let reality to spoil your theories.

[Jating]

Everything is this market is cyclical, no coiners doubting it  many years ago and still is up to this time. Nevertheless, bitcoin has proven them wrong in those years and yet they are still skeptics. And this is going to continue regardless of what the price will be in the end, $100k you will hear them talking about it not a good store of value. At $1 million per pop? still the same argument.

[Lucius]

It’s completely wrong to think that someone has to change their mind just because Bitcoin is worth $60 000 today, and 8 years ago it was worth a few hundred dollars. It’s not a matter of price or blockchain, such people will always find a reason to have a negative opinion - some people are just like that and will never change their mind.

I personally know people who consider Bitcoin a scam which will fail sooner or later, they thought so 5 years ago, and they think so today - and when they ask me what’s going on with BTC, I tell them it really failed - time is too precious to we spend it on such people. The only difference that may exist then and now may be in their subconscious, before they really believed it was a scam, today they don't really believe it anymore, but they try to keep the idea alive - it's easier than admitting that they were wrong.

After all, how many of these nocoiners are paid to shill the existing financial system?

[franky1]

"how high must the price go"  (facepalm)

its not the price that sets it as being a good store of value
its the utility of being a store of value that makes it a good store of value

if it costs $5+ to make a transaction..average joe wont will like using it as a store of value for part of their wage
even if it has a 'store of value' status
yep even if gold is a store of value. if people are going to be charged $5 just to get hold of gold above its price. they are not going to want to handle it any any daily/weekly income amount

you might find institutions hoarding large amounts to dilute the fee down to sub percentages. but normal average joe people wont bother with it if it costs them $5 to swap ownership of say $100 amounts.
its not about waiting for a market price to declare 'store of value'
its about the trust/confidence and the underlying value(not market price) and the cost of utility that decides if something is a viable store of value

anyone asking "how high must the price go to" is very much a person that is playing the highschool economics tulip game and not understanding the underlying utility that creates true 'store of value' status.. because their mindset is purely on price spikes and bubbles and ATH's
...
i am pre-empting the usual rebuttal of advertising another network as the solution to the fee problem
anyone thinking that co-signing token payments are 'sovereign' needs to learn what sovereign means and how co-signing tokens is not anything like sovereign utility

no.. locking up gold to play with digital certificates/bonds/promissory notes is not the same as owning gold
no.. locking up btc to play with millisat htlc is not the same as owning btc

bitcoin can become a good store of value when it keeps a good underlying support no one wants to sell below and where it can be moved/transacted without huge fee's

at the moment its not a average joe/unbanked store of value. but a institutional reserve store of value.

[kamotharnn]

There will be always people who never admit the benefit of bitcoin. So I believe even when bitcoin price goes to infinity, those people will still stick to obsolete investment and the outdated monetary system. Maybe those people are not smart enough to understand the concept of decentralization and globalization in a whole different scale. Afraid to change definitely makes them miss a lot of opportunity in their life.

Well, just keep on buying bitcoin and cryptocurrency. Who knows? maybe one day I will be rich enough to change those people' perspective

[buwaytress]

Nice catch OP, have to say I've seen my fair share of old posts but this one really takes the juice on many levels.

Be super interesting to see where these traders are at today, probably also riding high since last year with stock markets hitting ATHs in various bourses but they'd probably be envious of what Bitcoin's done in the same span of time.

Better still, how many of them have gone to the other side;)

[hatshepsut93]

How high must Bitcoin’s price go before they accept it as a self-sovereign Store of Value, HODLed as a hedge in case the Fed/Central Bank, and the government loses control of the financial system?

Bitcoin going higher actually doesn't change the perspective of nocoiners, it might even make them double down on their belief that Bitcoin is a bubble. The only thing that can change their minds if more adoption from institutions that they respect - notable investors, economists, governments, their favorite financial guru, etc.

[Fundamentals Of]

Lol. Laughing stock, eh?

If these are people who are diehard fans of fiat, then it is very clear who is really laughing right now. But who cares if they are laughing at us? We are the ones making money by just sitting pretty doing nothing but wait. And we are not economists nor graduates of the best universities, etc. We are just believers.

They are obviously just bitter, trying to sweet lemons, either because they were not able to buy during the cheap days or because their fiat is now being threatened or even laughed at.

[ultrloa]

How high must Bitcoin’s price go before they accept it as a self-sovereign Store of Value, HODLed as a hedge in case the Fed/Central Bank, and the government loses control of the financial system?

Bitcoin going higher actually doesn't change the perspective of nocoiners, it might even make them double down on their belief that Bitcoin is a bubble. The only thing that can change their minds if more adoption from institutions that they respect - notable investors, economists, governments, their favorite financial guru, etc.

The current adoption made by billionaire is a gamechanger and I believe those who laugh then think about bitcoin is a bubble are now slowly changinv their minds about it since imagine how big the profitability rate it got even since before for sure those economist and other bodies are been little attract on whats going on bitcoin.

[davis196]

Haters gonna hate and trolls gonna keep trolling...Let them do what they are going.
Nocoiners and Bitcoin haters will continue to hate,even when the Bitcoin price hits 100K or 200K USD.
Should we pay attention to the trolls?Nope,we are feeding the trolls with our attention.Do not feed the trolls..
I'm a Bitcoin maximalist and I don't like the altcoin market,but having competition is supposed to be good,even though Bitcoin doesn't have any competitors.

[ropyu1978]

if you say bitcoin is your joke and you make it your company's laughing stock it is very wrong ... because now people are already using bitcoin as their investment and trading tool. maybe with the increasing number of bitcoin users maybe other companies feel afraid because they will unable to compete with bitcoin ... I am sure that the more laughing bitcoin is, bitcoin will continue to advance

[tomahawk9]

"a real currency trader"  ok, i believe you   A troll just having a good time trolling people on reddit. I bet the user who made that thread, probably some basement dwelling bastard, recently realized that the value of btc was sub $5k not too long ago and now they're pissed thinking how they missed a once in a lifetime opportunity investing in btc. That or they're just a shitcoiner holding bags of worthless alts

[avikz]

There are still many people in this world who believe bitcoin is a waste of time and money. But these kind of people were always there and they will remain as it is! The most notable one is probably Mr. Buffet. In reality, he could have multiplied his wealth by few thousand percentage if he had believed in bitcoin.

These are the people that gives us the pleasure of winning against all odds. So they are also essential in this eco system.

[franky1]

guys the topic creator has a known presence in the forum for trying to poke

he purposefully found a 8 year old reddit post to set a debate
key facts are in 2013 the only exchanges were btc-e, bitstamp, mtgox. and mtgox was going through its lock-in and close down drama

so yea in 2021 context it looks like the topic is about wallstreet damning bitcoin. but in context of 2013 if someone that only knows about bitcoin via news of mtgox drama

most of the comments from no-coiners are about price and exchange drama.. nothing at all to do with the understanding of bitcoin itself. heck even the topic creator wants to spin it into a price discussion. which makes him no better than no-coiners

[pawanjain]

~snip

How high must Bitcoin’s price go before they accept it as a self-sovereign Store of Value, HODLed as a hedge in case the Fed/Central Bank, and the government loses control of the financial system?

Well I think it's not about the price but it's ability to be accepted as a payment method. People will keep talking on the speculation part for decades.
But when bitcoin is accepted widely as a payment method only then will such people realize that bitcoin is indeed the real deal.
The decentralized cryptocurrency can indeed be used for payments across the globe. It's just a matter of WHEN and until that such people will keep criticizing bitcoin.

[Mamun74]

There are people currently like this today, as there was 8 years ago. Nocoiners. How long must the network run before they can admit that Bitcoin, and the idea of Bitcoin, has opened a Pandora’s Box, never to close again.



How high must Bitcoin’s price go before they accept it as a self-sovereign Store of Value, HODLed as a hedge in case the Fed/Central Bank, and the government loses control of the financial system?

I think bitcoin price will not down anymore. Few years ago  Bitcoin price was lower 1$-100$. You can see  now bitcoin price is average $55k-$59k.Those who don’t know about bitcoin to them it would seem like a joke.So i think bitcoin price will be continued.

[LFC_Bitcoin]

I have one thing to say to all the doubters, all the people who criticised us for HODLING during the bear markets & refused to buy -

Have fun staying poor.

[aoluain]

It’s completely wrong to think that someone has to change their mind just because Bitcoin is worth $60 000 today, and 8 years ago it was worth a few hundred dollars. It’s not a matter of price or blockchain, such people will always find a reason to have a negative opinion - some people are just like that and will never change their mind.

I personally know people who consider Bitcoin a scam which will fail sooner or later, they thought so 5 years ago, and they think so today - and when they ask me what’s going on with BTC, I tell them it really failed - time is too precious to we spend it on such people. The only difference that may exist then and now may be in their subconscious, before they really believed it was a scam, today they don't really believe it anymore, but they try to keep the idea alive - it's easier than admitting that they were wrong.

After all, how many of these nocoiners are paid to shill the existing financial system?

I agree, and to add I know people who have been dead set against it up until this year
when they decided, yes its OK to buy now. Its like they need proof that its a viable
thing, and what better proof than the market price.

Those people from years back who are still outwardly against Bitcoin but secretly
wish they bought it instead of point blankly dismiss it, I call them 'Wishcoiners'

[skarais]

I have one thing to say to all the doubters, all the people who criticised us for HODLING during the bear markets & refused to buy -

Have fun staying poor.

This doubt arises because bitcoin is a relatively young asset, although currently developer have succeeded in making it a very safe asset as a store of value and long-term investment. I thought people were only considering the risks to bitcoin as an investment asset but no one knew that we were going to go through a big bull cycle in 2021.

It's pointless to say we are disappointed because never really believed in the potential that bitcoin has, and the main reason is that not everyone is built to be brave enough to make decision about thing that have the potential to be financially detrimental. Bitcoin (trading or investing) has been a high-risk asset from the time it was launched until now, and anyone who dare to accept that risk will enjoy it.